Forbes Publishes Guide on Post-Death Tax and Estate Tasks

Forbes published a guide on May 23, 2026, offering survivors, executors, and beneficiaries advice on tax filings, state death taxes, inherited retirement accounts, and sorting through personal property after a death. The guide notes that most families do not face the federal estate tax because the exemption stands at $15 million per person or $30 million per married couple.

Twelve states and the District of Columbia impose estate taxes with lower thresholds, and five states levy inheritance taxes that can apply based on the relationship of the heir.

State rules vary widely.

Some states without death taxes still maintain costly probate systems or mandated attorney fees. The guide directs readers to state-by-state details and suggestions for minimizing those expenses.

Death does not cancel prior tax obligations.

A final Form 1040 is generally required for the year of death, and an estate may need to file Form 1041 if it generates sufficient post-death income. 0 signed December 29, 2022. Many non-spouse beneficiaries must now empty accounts within ten years, and the guide warns against the common mistake of assuming no annual distributions are required during that period.

Families must also address furniture, jewelry, art, photographs, and decades of financial documents. Inherited property generally receives a step-up in basis to fair market value at death, which can limit capital gains on later sales, though collectibles carry a higher maximum federal long-term capital gains rate.

The guide advises keeping tax returns and supporting documents for at least three years after filing, with longer retention required in cases of omitted income, foreign assets, fraud, or failure to file.

The article recommends slowing down in the first weeks after a death to review wills, trusts, beneficiary designations, account statements, and prior tax returns before distributing assets or closing accounts. It suggests consulting a tax professional before deadlines pass.

Kelly Phillips Erb, the Forbes senior writer who covers tax, wrote the guide after her own father died in October 2025 and her mother experienced a five-month delay in Social Security benefits.